Trends in the transformation of Bretton-Wood organizations in global space

Abstract

The article highlights the historical aspects and preconditions for the creation of the International Monetary Fund (the IMF) and the World Bank, which since 1944 have been the most influential international financial organizations and have played the role of the world's largest creditors. The essence of the transformations of their activity caused by the phenomena of the new economic reality is revealed. The solution to the problems of financial stability on a global scale in the postwar period by the United States and the newly created the IMF was to peg national currencies to the US dollar in the Fund's arbitration. The events related to the crisis of the Bretton Woods system of single fixed exchange rates and the irreversible disruptions in the world circulation of oil and its derivatives in the 1970s were important reasons for changing the principles of the world monetary and financial system towards the introduction of free exchange. At the same time, due to the intensification of domestic trade and investment, there were abrupt outpacing transformations of the economies of the south-eastern part of the Asian continent. Following the irreversible events involving the collapse of the socialist camp, support for reform programs in transition economies has been added to the IMF's targets. The activities of the World Bank under the impact of these total changes were also significantly renewed. Further, the IMF and the World Bank began to work more closely, integrating anti-crisis approaches and measures, while remaining a universally recognized instrument of stabilization in the global dimension. The activities of the Bretton Woods organizations are aimed at assisting the governments of developing countries in implementing market economic policies to protect the rights of all forms of ownership, modernize institutional structures, achieve financial balance, and improve the social situation of all segments of the population. It is concluded that in order to ensure sustainable development, the strategic renewal of the IMF and the World Bank provides for the expansion of quotas to support structural reform programs, improve the allocation of credit and financial resources, support opportunities to meet the needs of socio-economic systems, develop human capital and efforts for solving macroeconomic problems, etc. The directions of impact of these international financial institutions on solving actual problems concerning climate change, displays of corruption, overcoming inequality, resistance to threats of destabilization, struggle against a pandemic of a coronavirus disease of COVID-19 are defined.